RigNet, Inc. (RNET) Scheduled to Post Earnings on Monday
RigNet, Inc. (NASDAQ:RNET) will post its quarterly earnings results after the market closes on Monday, November 6th. Analysts expect RigNet to post earnings of ($0.07) per share for the quarter.
RigNet (NASDAQ:RNET) last posted its quarterly earnings data on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.18). The firm had revenue of $49.16 million during the quarter, compared to analysts’ expectations of $49.37 million. RigNet had a negative net margin of 5.69% and a negative return on equity of 9.98%. The business’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.27) earnings per share. On average, analysts expect RigNet to post $-0.47 EPS for the current fiscal year and $0 EPS for the next fiscal year.
RigNet, Inc. (NASDAQ RNET) opened at 17.35 on Monday. RigNet, Inc. has a 52-week low of $13.90 and a 52-week high of $23.90. The stock’s market capitalization is $316.10 million. The firm has a 50-day moving average of $17.45 and a 200-day moving average of $17.47.
In other RigNet news, Director Charles Louis Iv Davis sold 3,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total value of $48,750.00. Following the sale, the director now directly owns 40,313 shares in the company, valued at approximately $655,086.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.20% of the company’s stock.
A hedge fund recently raised its stake in RigNet stock. The Manufacturers Life Insurance Company grew its stake in RigNet, Inc. (NASDAQ:RNET) by 15.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,867 shares of the Wireless communications provider’s stock after purchasing an additional 1,562 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of RigNet worth $190,000 as of its most recent SEC filing. 90.94% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently issued reports on the stock. ValuEngine lowered shares of RigNet from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Piper Jaffray Companies set a $17.00 target price on shares of RigNet and gave the company a “hold” rating in a research note on Wednesday, August 16th. BidaskClub lowered shares of RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Simmons raised their target price on shares of RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, July 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $19.33.
RigNet, Inc (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A).
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